CHX - ChampionX Agrees to Acquire RMSpumptools Expanding Reach in International Offshore Production Technologies Markets | Benzinga
THE WOODLANDS, Texas, March 22, 2024 (GLOBE NEWSWIRE) -- ChampionX Corporation ("ChampionX" or the "Company") (NASDAQ:CHX), a global leader in oilfield technology, announced today it plans to acquire RMSpumptools Limited, a business unit of the energy division of UK-based James Fisher and Sons plc ("JFS"). The unit designs and manufactures highly engineered mechanical and electrical solutions for complex artificial lift applications.
Under the terms of the agreement, the net purchase price is approximately £86 million (approximately $110 million at the current exchange rate) inclusive of net working capital adjustments. The integration of RMSpumptools technology will enhance ChampionX's Production and Automation Technologies portfolio, providing added value to the Company's customers worldwide. The acquisition will further strengthen the Company's presence and participation in a broad range of international markets including the Middle East, Latin America, and global offshore developments. The Company anticipates that RMSpumptools will achieve approximately $65 million in 2024 revenues and approximately $18 million in 2024 adjusted EBITDA.
With over 40 years of experience, RMSpumptools has established itself as a technology leader in wellhead electrical penetrator and mechanical connector systems, completion systems and intervention tools, and subsea connector systems for challenging electrical submersible pumping (ESP) applications. RMSpumptools designs, manufactures, and delivers its solutions from locations in the United Kingdom, Saudi Arabia and the United Arab Emirates and has sales in most oilfield markets worldwide. Approximately 80% of RMSpumptools's revenues are from outside North America.
"We are excited and look forward to welcoming RMSpumptools' talented team to the ChampionX family. The acquisition of RMSpumptools is consistent with our capital allocation framework which includes bolt-on technology acquisitions. RMSpumptools' highly complementary portfolio aligns seamlessly with ChampionX's existing Production and Automation Technologies offerings, with minimal product overlap," said ...